As the world grapples with heightened trade disputes involving the US, China, and other nations, the past week has witnessed some significant developments in the realm of cryptocurrencies.
Let’s remind ourselves that bitcoin’s value concluded last week on an optimistic note after plummeting below $75,000, its lowest in five months. A temporary halt to tariffs for nearly all countries (except China) resulted in a substantial surge on Thursday and Friday, with BTC ending the week around $82,000.
Contrary to the preceding week, the past weekend saw a mild bullish trend with bitcoin climbing to $85,000 by Sunday night. The upward momentum continued into Monday with BTC touching $86,000 before facing immediate resistance. Despite a $3,000 drop within a day, bitcoin rebounded later that day, reaching a multi-week high of $86,500.
Another rejection ensued, leading to a similar drop. Wednesday saw comparatively lesser volatility when BTC aimed at $86,000 but was quickly halted by Federal Reserve Chair Jerome Powell’s assertive statements on interest rates and warnings about the perils of the ongoing tariff conflict.
Nonetheless, bitcoin has been hovering between $84,000 and $85,000 for most of the week. Even though altcoins like Bitcoin Cash and Solana have outperformed BTC on a weekly basis, bitcoin’s market dominance has only been reinforced lately.
It has surpassed the 60% mark on most data aggregators, similar to the scenario four years ago. But this time, its impact is far greater due to the existence of millions of coins, unlike in 2021.
Market Data
Market Cap: $2.75T | 24H Vol: $60B | BTC Dominance: 60.9%
BTC: $84,450 (+2.3%) | ETH: $1,585 (+1.2%) | XRP: $2.06 (+3%)
For a comprehensive price analysis of Ethereum, Ripple, Cardano, Hype, and Solana, click here.
